December 2008
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IDFC PE, UTI Ventures buy stakes in cables company

Private equity funds IDFC Private Equity Co. Ltd (IDFC PE) and UTI Ventures have acquired substantial stakes in Deepak Cables (India) Ltd, a Bangalore-based unlisted manufacturer of aluminium conductor wires, for some Rs285 crore, two bankers familiar with the transaction said. IDFC PE invested Rs200 crore from its $700 million (about Rs3,353 crore) IDFC Fund-III, Satish Mandhana, managing director of the fund, confirmed. UTI Ventures invested the remaining, he added. Both funds have acquired stakes from the promoter and managing director of Deepak Cables K. Venkateshwara Rao and his family. […]

December 16th, 2008

R-ADAG may pick 50% in UK currency co

Reliance ADAG is close to acquiring 50% stake in a UK-based currency exchange and money transfer firm for an undisclosed amount. This will enable the Indian company to sell its financial products to the 1.4 million NRI population. The name of the UK firm is under wraps but a person with knowledge of the development said the target company was recently named as one of the fastest growing firms in the UK with more than 250 outlets. “It could either be TTT Moneycorp or No1 Currency,’’ he said, adding, the deal will be routed through Wall Street Finance, an Indian public-listed firm that ADAG acquired recently to enter the money transfer business. […]

December 16th, 2008

OVL may pick up only 51% stake in Imperial

OVL is eying to save $1 billion by picking just 51 per cent stake in Imperial Energy. The decision is taken after many deliberations as the deal is not much attractive due to the steep decline in crude oil rates in the international market. However, the government gave its nod to the proposed acquisition on the grounds of energy security. ONGC Videsh (OVL) had approached the UK Takeover Panel to extend the time limit for the proposed acquisition of the UK's Imperial Energy. The company said that it suffered delay in approval of the proposal from the Indian government due to recent attack in its financial capital, Mumbai. However, the request was turned down by the UK penal on the grounds of financial loss to the company being acquired, and violation of rule Rule 2.5 which stipulates the necessity to make an offer within given time. […]

December 16th, 2008

IDFC PE invests Rs2bn in Deepak Cables

Deepak Cables (India) Ltd has announced a private equity investment of Rs2bn from IDFC Private Equity (IDFC PE), India’s leading private equity fund focussed on infrastructure. Deepak Cables is one of the leading players in the power Transmission & Distribution (T&D) space having captive aluminium conductor manufacturing facilities. Bangalore based Deepak Cables was promoted by visionary industrialist K. Surya Rao. It started in 1982 as an aluminium conductors manufacturing company and over the last two decades has grown to become one of the largest T&D EPC players in the country. Deepak Cables with its two aluminium conductor manufacturing plants at Tumkur and Pondicherry and in-house design and engineering capabilities is one of the few players having the expertise to execute projects end-to-end: from design to commissioning. […]

December 16th, 2008